THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
Overview of International standard on Quality Management (ISQM) 1, Quality Management for firms that perform audit and assurance – Webinar
Date:14th June 2022
Time: 04pm-06pm
Venue: On line
Overview
In September 2020 the IAASB approved ISQM1, ISQM2 and ISA 220 Revised. These three quality management standards were as result of the continuously changing operating environment, challenges, and weaknesses of pre-existing quality controls and the rising market stakeholders’ needs. Covid 19 pandemic already prompted major adjustments to audit firm’s procedures hence these new standards expected to take effect by December 2022 will mean more disarray for firms and audit practitioners who may be unprepared for this.
ISQM 1 deals with quality management at firm level and aims to proactively identify and respond to risks to quality and encourage audit firms to perform their own risk assessments to ensure their quality management system is designed to address and combat possible risks. This standard replaces ISQC1 which was focused on quality control.
Join us to learn more about (ISQM) 1, Quality Management for firms that perform audit and assurance. Below is a brief breakdown of the key requirements of ISQM1 which will also drive the discussions during this important webinar:
- Risk assessment process and design of QM systems
- New approach emphasis on quality management
- Audit automation, software, and data analytics
- Relates parties such as trainers and publishers that supply audit methodologies
- Ethical requirements
- Monitoring and remediation; root cause analysis
- Documentation requirements
- Implementation of ISQM1
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 2 CPD Unit upon successfully attending the Webinar.
Cost:
Charges for the training will be Kes2,000/= which will cover Webinar fees, and an e-certificate of attendance.
Online Booking:
We call on Webinar participants to note that booking is available only online at www.icpak.com/events and will close two hours before the training session. Delegates are reminded to note that online booking for training sessions is MANDATORY. This is available either online at www.icpak.com/events or on the ICPAK Live – A smart phone-based application that is available from google store.
National Industrial Training Authority (NITA) Reimbursement:
The Institute is registered as a trainer with National Industrial Training Authority. The Institute’s registration number is DIT/TRN/47. Participants who are registered levy contributors should apply to NITA for reimbursement of their fees. Please note that this is applicable for Kenyan citizens only and subject to NITA regulations. Remember that to qualify you should apply to NITA for approval prior to the date of the conference. Further details can be obtained from their website (www.nita.go.ke)
For further inquiries, kindly contact memberservices@icpak.com. Reach us on call: +254 719 074000/129
We encourage members to regularly visit our website www.icpak.com for updates.
